But what are the chances of Mr. Marchionne’s hopes turning to reality? The market certainly responded well: Fiat Industrial shares rose as much as 4.6% in Wednesday trading after the announcement. And shares in Exor SpA, the Agnelli family holding company that is Fiat Industrial’s largest shareholder, also rose 2.6%.

Combining Fiat Industrial, which makes Iveco trucks and other products, and CNH, which stands for the Case and New Holland brands, is likely to make the shares more liquid and give it an improved credit profile, according to Martino De Ambroggi, an analyst at Milan brokerage Equita.

That also means listing the shares primarily on the New York Stock Exchange.

Monica Bosio, an analyst at Banca IM, is also positive about the arrangement. It should allow “access to better funding conditions,” she said in a note.

While Mr. Marchionne had long vowed to tackle the inefficiencies linked with CNH’s small residual free float, what investors will also want to know is whether the Fiat Industrial deal offers any hints as to what he plans to do with carmaker Fiat SpA.

Another dash around the day’s most important equity rating changes and why you should be keeping an eye on these movers and shakers:

• Carnival, the operator of the Costa Concordia cruise ship which ran aground off the coast of Italy on Friday night, was in focus Monday following a downgrade by Morgan Stanley to equal-weight from overweight. The investment bank stated that it expected yields to fall by 2.5%, but added: “It could be materially worse if the investigation finds industry safety standards need improving and/or consumers stay away for a prolonged period.” The company’s share price has plummeted by more than 17% Monday.

• Elsewhere, Goldman Sachs reiterated its positive view of the European automobile sector. The investment bank stated that the sector is now discounting a substantial decline in returns in 2012 and this offers upside potential.